1832 Asset Management L.P. Sells 145,684 Shares of Southern Copper Co. (NYSE:SCCO)

1832 Asset Management L.P. cut its position in Southern Copper Co. (NYSE:SCCO) by 17.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 712,731 shares of the basic materials company’s stock after selling 145,684 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.09% of Southern Copper worth $75,920,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fidelis Capital Partners LLC bought a new position in Southern Copper in the first quarter worth about $26,000. Riverview Trust Co bought a new position in Southern Copper in the first quarter worth about $27,000. Fortis Group Advisors LLC raised its holdings in Southern Copper by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 151 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Southern Copper by 164.8% in the fourth quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 300 shares in the last quarter. Finally, Washington Trust Advisors Inc. bought a new position in Southern Copper in the fourth quarter worth about $45,000. 7.94% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Southern Copper news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total value of $425,880.00. Following the sale, the director now owns 2,214 shares in the company, valued at approximately $261,916.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Southern Copper news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total value of $425,880.00. Following the sale, the director now owns 2,214 shares in the company, valued at approximately $261,916.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 300 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $118.50, for a total value of $35,550.00. Following the completion of the sale, the director now owns 4,614 shares in the company, valued at approximately $546,759. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,000 shares of company stock worth $472,430. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. HSBC downgraded shares of Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price objective on the stock. in a report on Monday, April 22nd. UBS Group assumed coverage on shares of Southern Copper in a report on Friday, July 12th. They set a “neutral” rating and a $120.00 price objective on the stock. Scotiabank cut their price objective on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a report on Tuesday, May 21st. StockNews.com upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Finally, CICC Research assumed coverage on shares of Southern Copper in a report on Wednesday, April 24th. They set an “outperform” rating on the stock. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $89.57.

Southern Copper Stock Performance

NYSE SCCO traded up $1.08 during trading hours on Friday, reaching $105.42. The stock had a trading volume of 731,692 shares, compared to its average volume of 1,021,754. The stock has a fifty day moving average of $111.95 and a 200 day moving average of $102.46. The stock has a market cap of $82.35 billion, a P/E ratio of 35.04, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19. Southern Copper Co. has a 52-week low of $68.93 and a 52-week high of $129.79. The company has a debt-to-equity ratio of 0.82, a quick ratio of 2.56 and a current ratio of 3.31.

Southern Copper (NYSE:SCCO) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.17. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Southern Copper had a return on equity of 30.44% and a net margin of 24.20%. Sell-side analysts predict that Southern Copper Co. will post 4.34 earnings per share for the current year.

Southern Copper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Friday, August 9th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.40 annualized dividend and a yield of 2.28%. Southern Copper’s dividend payout ratio is presently 92.07%.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.